Bloomberg News

Regional Owners Reject Koren as Volksbanken CEO, Standard Says

July 10, 2012

Oesterreichische Volksbanken AG (VBPS)’s regional banking owners, which hold the majority in the partially nationalized lender, have rejected Stephan Koren assuming the post of chief executive officer, Der Standard newspaper reported, without saying where it got the information.

Koren, who is favored by the Austrian Finance Ministry, has asked for the right to intervene in Volksbanken’s structure, which has alienated the regional lenders, the Vienna-based newspaper said. At a supervisory board meeting yesterday they instead proposed deputy CEO Michael Mendel for the top job, according to the report.

To contact the editor responsible for this story: Zoe Schneeweiss at zschneeweiss@bloomberg.net


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